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Stocks End Sharply Higher

Friday, March 22, 2013 5:03 PM
Stocks rebounded in trading on Friday after falling sharply in the previous trading session as concerns over Cyprus eased a little. The Dow Jones ended the day 0.63% higher at 14,512.03, the S&P 500 ended the day 0.72% higher at 1,556.89, and the Nasdaq ended the day 0.70% higher at 3,245. For the week, the Dow Jones fell 0.01%, the S&P 500 fell 0.24%, and the Nasdaq fell 0.13%. All sectors in the S&P 500 edged higher on Friday. The gains were led by Healthcare sector, which ended the day 0.89% higher. Transportation sector ended the day 0.88% higher. Conglomerates finished 0.65% higher. Technology sector ended the day 0.61% higher. Nike Inc. (NYSE: NKE) shares were among the major gainers on Friday. Shares of the apparel and footwear company soared on the back of better than expected quarterly results. Following the strong results, six brokerages raised their price target on Nike shares. The stock rose to a 52-week high of $60.25 before finishing the day 11.06% higher at $59.53. Tiffany & Co. (NYSE: TIF) shares also surged after the retailer reported better than expected results for its fourth quarter. Tiffany shares ended the day 1.94% higher at $69.23. Tibco Software Inc. (NASDAQ: TIBX) shares slumped after the company provided weak outlook for the current quarter. The stock ended the day 9.41% lower at $20.99. European markets ended on a mixed note on Friday, with the FTSE 100 Index in London closing 0.07% higher, and the CAC 40 Index in Paris closing 0.12% lower. Asian markets ended mostly lower overnight, with the Nikkei 225 Index in Japan closing 2.35% lower, and the Hang Seng Index in Hong Kong closing 0.50% lower.

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